I have worked out one of our employee tax liability under the taxable income from salary a.y 19-20 RS 25428 , till date I have deducted and paid tds online RS 23452. but the end of Jan-19 employee provided details that he want to claim deduction under sec-80c Rs 32130/-if i claim deduction u/s 80c his total liability comes nil my query is that shall i deduct tds or not for the month of feb & March-19.
Taxable income after standard deduction & before 80c deduction Rs= 591000 Tax liability =31928 /- tds deducted and paid so far =23452/- 80 C deduction RS = 32130/- whether tds to be deducted or not for the month of feb & March-19 for filing the return.
28 February 2019
After deduction u/s 80C of Rs. 32130/-, taxable income would be Rs. 5,58,870/-. Also Tax on Rs. 5,58,870/- would be Rs. 25245/-. You had deducted Rs.23452/- till january 2019. Therefore you are liable to deduct balance Tax of Rs. 1793/- (25245-23452) in Feb and March 2019.
CAclubindia
